Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Torque]

i think he is pissed about bitcoin because of this:

It was taken over by Covid denying sociopaths w/the sophistication of amoebas

which is an impression on could get when seeing bitcointwitter and nothing else. there is a very vocal group, even guys like tone vays went down this shithole.

but: if my political opponent is getting rich isnt it my duty to also get rich? an asshole finding out about a great tool does not make me want to not use the great tool. of course i keep using it. cant let the opponent have the benefits just for him.

Universal money has no ties or affiliation to any political group, religion, tribe, association, or other, nor should it. It is completely agnostic and ambivalent to who uses it.

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[600watt]

Exactly this.  Blockchains applications which are not currencies are worthless because any extraneous data added to the blockchain can be fake.  Only currencies do not require anything to be added.  

Not necessarily worthless. You can add a fake piece of information, but it's timestamped. What matters more, it forces you to fake later info related to the first fake piece. You can't go back and fix the logs after the fact. This can be valuable even if the info itself could be fake.

As someone who pays other people to sanitize databases, I disagree.  A large database where you know 1% of the data is invalid but you don’t know which 1%, means you have to validate the entire database from top to bottom for mission critical applications.  

So any errors in a database can easily invalidate the entire database.  It all depends on the severity of the consequences of relying on bad data. For non-mission critical stuff, 90% correct might be just fine.

For a blockchain application where people are putting their trust and faith in the blockchain, that sounds mission critical to me.  

Of course, a certain fraction of bogus data makes a database worthless if you can't locate it and fix or erase it.
I'm trying to make a different point: legitimate uses of blockchains - unlike THE blockchain: maybe not permissionless, not PoW based etc - for specific application. An example: tracking deliveries.

Admitting you can fake one data point - parcel was here at this time, weight was such-and-such or whatever - you either have to extend the lie OR the world notices something's fishy at the next milestone. All that is required in this case is a posteriori immutability, not absolute accuracy.

i have difficulties following your thought.  there is no legitimate use of blockchains because they are clunky, slow, inefficient databases. databases have been invented and used and evolved.

-if a blockchain is not permissionless, why use it? you need a central authority to control access to a private blockchain. if you got a central authority, you might as well use a regular shared database

-if it is not POW, it is not secure. if it is not secure, why use it?

there are many scandals in the production and delivery/logistics of food. lets say we want to make sure that EGGs are really produced in a ecological fair, animal rights fair, "bio/eco" means of production. that is expensive (you need more space, have less production, more costs - the bio-eggs end up being twice as expensive. no problem, since the environmentally aware customers are happy to may more for their fair produced eggs.

problem is the declaration of the eggs. every scammer can forfeit the declaration and sell the worst mass farming, cruel production eggs as the very top notch "bio"/eco" egg. how could you prevent that from happening?

using a blockchain? yeah, you could print a private key on each egg or a public key or whatever you choose. how on earth would this keep a rogue egg producer from scamming? he could just print whatever code on his cheap eggs.
if it is not a rogue producer it could be a rogue food logistic company. they could flip the good eggs for bad eggs while transporting them. who would know? the blockchain would not notice it. it cannot enforce honesty on the eggs. if you use the bitcoin blockchain, it can only enforce honesty on its token, the bitcoin.

a rogue player would not need to alter the data. he can alter the stuff that gets delivered. the database consists of data entries or tokens. it cannot enforce anything outside.

There is a huge issue with fake honey from China.

China figured out that they can produce synthetic honey a lot cheaper than using honey bees. So the US banned honey from China. So China continued to sell to places like Thailand and Vietnam. Who then sold to the US. The US then had to start genetically testing honey being imported.

I do not know how blockchain could create a remedy for that. Perhaps the honey farm could have a video of each bottle getting a key added to the bottle which can be verified on the blockchain. Then it is verified by the store owner upon sale. Two bottles sold at different locations with the same key would raise questions.

sounds good at first glance. but as long as the rogue honey producer is the quick enough his customers will be the first ones to check the key and it looks ok. the honest honey producer customer will then discover he got fooled, but too late.

[Sayeds56]

ATH Incoming?

Come on baby Hit 50K

[Richy_T]

It always made me wonder why, when approaching a price and it's clear we are going to go over it why it doesn't just happen and why we have to have these pull-backs. I guess there's some manipulation psychology going on there.

[Elwar]

It always made me wonder why, when approaching a price and it's clear we are going to go over it why it doesn't just happen and why we have to have these pull-backs. I guess there's some manipulation psychology going on there.

The wall at $50k is about 500 BTC. There are a lot of sell orders going up to $50k as well.

Real ones, not fake walls to move things one way or another.





Edit: Just thinking back to the days of $2/BTC and how a 500 BTC wall would be a blip.

I think I can honestly say I lived my life in such a way that I did all I could to stack sats from those days (aside from selling all of my BTC at $12).

I treated bitcoin like it was worth $1k even when it was much less.

[noormcs5]

[El duderino_]

[bitcoinPsycho]

Buy the rumor buy the news?

[d_eddie]

Of course, a certain fraction of bogus data makes a database worthless if you can't locate it and fix or erase it.
I'm trying to make a different point: legitimate uses of blockchains - unlike THE blockchain: maybe not permissionless, not PoW based etc - for specific application. An example: tracking deliveries.

You talk about tracking deliveries as if it is necessary and mission-critical that that use case have blockchain tech attached to it.

The last 30+ years of our working "global parcel delivery system" would like to have a word with you.

Blockchain not bitcoin: solution looking for a problem that either doesn't exist, or isn't that critical.

Bitcoin solves a problem and the problem is what Bitcoin solves.

Statement of the century.

I'm not even implying it is necessary to use blockchains in tracking deliveries. I'm just pointing out a field of application where it might be useful to use some kind of blockchain', even if some data could be fake (while for monetary applications, this is obviously unacceptable).

In a previous post, I also pointed out how most academic departments sporting "blockchain" in their names very seldom deal with problems connected to deliveries. Rather, they often indulge in studying PoW etc related issues - which don't necessarily have anything to do with blockchains in general.

My posts try to show how phony the "blockchain not bitcoin" stance is: people who say they're into "blockchain studies" are usually only interested in THE application of THE Blockchain.

In other words, I haven't made any statements about THE Blockchain - in particular, I've never said "blockchain, not bitcoin": I think it's plain BS. I'm baffled by the number (and high quality) of replies effectively contradicting a statement I never made.

[friends1980]

Back on track for 50K. (once more)

When moon?

[Torque]

I'm not even implying it is necessary to use blockchains in tracking deliveries. I'm just pointing out a field of application where it might be useful to use some kind of blockchain

No, if a blockchain is not a necessary component of the use case (because a cheaper, faster, or more efficient technology can be used instead and it works fine), then it is not even useful. Period.

[JimboToronto]

Good morn Bitcoinland.
Four nine one two five  dollars
(Bitcoinaverage).

Nice new ATH
Forty-nine seven fifteen
At Bitstamp (of course).

Fifty grand today?
There is a very good chance.
Happy Valentines!

[Torque]

The world's reserve currency, the paper fiat USD, has lost fungibility in Venezuela.

https://www.zerohedge.com/personal-finance/venezuelan-collapse-scam-damaged-us-dollar-bills-being-exchanged-less-actual-value

It's happening.

[hisslyness]

It always made me wonder why, when approaching a price and it's clear we are going to go over it why it doesn't just happen and why we have to have these pull-backs. I guess there's some manipulation psychology going on there.

The wall at $50k is about 500 BTC. There are a lot of sell orders going up to $50k as well.

Real ones, not fake walls to move things one way or another.





Edit: Just thinking back to the days of $2/BTC and how a 500 BTC wall would be a blip.

I think I can honestly say I lived my life in such a way that I did all I could to stack sats from those days (aside from selling all of my BTC at $12).

I treated bitcoin like it was worth $1k even when it was much less.

I would love to be an admin on one of these big exchanges... have insider information on who is selling and buying etc.

Are the ones who are selling now buying back lower, and for how much, or cashing out? Percentage of coins are they playing with at any given time.

It seems so risky to try and daytrade and scalp small percentages (without a decent stash), your timing is off and you can end up like mindrust with now coins left!

[Richy_T]

It should be possible to get a rough idea of how many of the trades on the book "disappear" before getting bought/sold. I think that would be pretty informative. I don't know if there are places that calculate this already? I don't believe that most (bigger) walls are actually honest. Why would anybody trade that way?

[hisslyness]

It should be possible to get a rough idea of how many of the trades on the book "disappear" before getting bought/sold. I think that would be pretty informative. I don't know if there are places that calculate this already? I don't believe that most (bigger) walls are actually honest. Why would anybody trade that way?

On our local exchange here in AU, there is a constant wall on both sides that is almost identical, that is constantly moving. When i query them about it, they said it was someone who was marking the market...

[JayJuanGee]

Some, who are former co-inhabitants of WO had fallen into a deeper and deeper state of wrong-sidedness.
https://bitcointalk.org/index.php?topic=5315644.msg56335474#msg56335474

https://bitcointalk.org/index.php?topic=5311098.msg56335845#msg56335845

Notice how Mindrust never once mentions Bitcoin?

It's all "crypto, crypto, crypto".

Talk about being in denial.

If he’s into altcoins, he’s working on getting his number of Bitcoin back. Pray for him. I’ll surely wait for his return.

Sure people talk about altcoins as a way to generate bitcoins, but it surely does not seem like a sound strategy, unless you happen to be some kind of insider who is manipulating the shit.. which sure some of the altcoiners/shitcoiners do get involved in attempting to generate BTC in that way because they either have some kind of inside that they believe they will try to exploit or they believe that they are connected to some kind of inside... surely not an invest on fundamentals thesis, even if sometimes framed that way.

[Wekkel]

The world's reserve currency, the paper fiat USD, has lost fungibility in Venezuela.

https://www.zerohedge.com/personal-finance/venezuelan-collapse-scam-damaged-us-dollar-bills-being-exchanged-less-actual-value

It's happening.

Time for Germany’s eldern to refuse non-Deutsche EUR notes again.

[Gyrsur]

Masterpiece: Bomb The Bass - Beat Dis (Video)

[Hueristic]

Lisa New 3-25-2020 • Feb 7, 12:17 PM
Message by Lisa:  Sunday, February 7 2021, 12:23 PM
Happy Valentine's day 😍

Message by You:  Sunday, February 7 2021, 1:07 PM
Hah , fuck Hallmark created holidays. BTW its next week.
Sun 1:07 PM